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Mitek and Signicat partner to improve digital customer on-boarding for financial institutions

Joint offering additionally helps customers to comply with PSD2, AMLD5 and eIDAS regulations

ID: 1536779
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(businesspress24) - San Diego and Trondheim, June 4, 2018: Mitek (NASDAQ:MITK) a global leader in digital identity verification software solutions, and Signicat, the world''s leading trusted digital identity provider, today announced a partnership to improve the digital customer on-boarding process for Europe''s financial services companies, while helping clients in their efforts to comply with a number of regulations, including PSD2, AMLD5, and eIDAS.

For many European financial services companies, the battle to attract new customers is fierce. With new "challenger" banks emerging and smaller banks looking to capitalise on new technologies to provide a competitive advantage, every step of the customer acquisition process must be streamlined to achieve optimum success.

"At Signicat we commissioned a report, ''The battle to on-board: The European perspective on digital on-boarding for retail banks'', to understand what consumers across Europe identify as problem areas when it comes to selecting new financial service providers," said Gunnar Nordseth, CEO at Signicat. "We found that up 52% of European customers abandon the on-boarding process and one of the main reasons for this is the need to present paper-based ID documents. The research further found that 52% of respondents would be more inclined to register for a new service should the on-boarding process be 100% online."

To compound this, new regulations throughout Europe are forcing institutions to more rigorously identify customers. In addition to AMLD5 and new KYC regulations, eIDAS opens the way for electronic identification and PSD2 places the focus on strong customer authentication. This multi-faceted focus on identity means that current on-boarding processes could become cumbersome and act as a deterrent to potential new customers.

Signicat has integrated Mitek''s Mobile Verify solution into the on-boarding engine within its Digital Identity Platform. This will enable financial institutions across Europe to verify identity documents though capture on a mobile device, and to seamlessly on-board customers.



Mitek''s Mobile Verify solution can verify the authenticity of identity documents by capturing an image with a mobile device and assessing its authenticity. This helps customers to ensure compliance with strict AML and KYC regulations.

"This partnership marks a watershed in the European identity market. Financial institutions can now on-board customers 100% digitally, doing away with the need to visit a branch," Ren"With the arrival of PSD2 and increasingly stringent AML and KYC regulations, the ability to verify customers'' identity digitally is essential. Our partnership with Signicat offers one of the only platforms capable of this."

"Partnering with Mitek enables us to jointly offer European financial services institutions a customer on-boarding solution that is 100% online. Our customers will not only be able to benefit from Mitek''s Mobile Verify solution, but also Signicat''s secure authentication, electronic signing and archiving of sealed documents, as well as our integration with over 30 public electronic ID schemes and registry lookups," said Nordseth. "The partnership is designed to remove friction from the customer on-boarding process to ensure financial institutions can effectively compete in the marketplace."



More information:
http://https://www.realwire.com/releases/Mitek-and-Signicat-partner-to-improve-digital-customer-on-boarding



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mitek, signicat, partnership, on, boarding, finance,



Company information / Profile:

About Mitek
Mitek (NASDAQ: MITK) is a global leader in digital identity verification solutions built on the latest advancements in AI and machine learning. Mitek’s identity verification solutions allow an enterprise to verify a user’s identity during a digital transaction. This enables financial institutions, payments companies and other businesses operating in highly regulated markets to mitigate financial risk and meet regulatory requirements while increasing revenue from digital channels. Mitek also reduces the friction in the users’ experience with advanced data prefill and automation of the onboarding processes. Mitek’s innovative solutions are embedded into the apps of more than 6,100 organizations and used by more than 80 million consumers. For more information, visit www.miteksystems.com or www.miteksystems.co.uk. (MITK-F)

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PressContact / Agency:

Mitek Contact:
Ann Reichert
Senior Director of Marketing
pr(at)miteksystems.com

CCgroup
Mitek(at)ccgrouppr.com
+44 203 824 9200

Mitek Investor Contacts:
Todd Kehrli or Jim Byers
MKR Group, Inc.
mitk(at)mkr-group.com



published by: RealWire
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Date: 06/04/2018 - 13:32
Language: English
News-ID 1536779
Character count: 3598
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